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Currency, crude prices react to yuan reform

06-21-2010 11:43 BJT Special Report: China to Reform RMB Exchange Rate Regime |

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The world's currencies and resources prices have reacted to China's decision to further reform its currency exchange rate.

Ten-year US Treasury bonds and ten-year note futures fell today. Global markets are braced with worries that China's move to allow more flexibility for the yuan will mean the world's largest holder of US sovereign debt may cut further purchases.

The Australian and New Zealand dollars leapt a cent to hit one-month highs after the announcement. The South Korean won jumped by more than 2 percent against the dollar, also hitting a one-month high earlier today. Crude oil prices also saw a similar reaction.

US crude rose more than 1 percent on Monday to about 78 US dollars per barrel, as China's move raised expectations of higher imports by the world's second largest oil user.

Editor:Xiong Qu |Source:

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